Will hackers really avoid law firms to stay out of trouble?
Hacker will avoid law firm to stay out of trouble
Think again. The statistic we have says otherwise. 20% of most cyber claims resulting from social engineering and fraudulent funds transfer attacks directed at law firms.
Law firms are one fund's transfer fraud, ransomware, or email compromise away from exposure.
Fraudulent funds transfers are one of the most common claims we see amongst Coalition policyholders. Malicious actors can access a company's corporate email systems through phishing attacks and spoofed emails, among other methods, and impersonate executives with a fraudulent request. Thankfully, Coalition is often able to help recover the funds — even after they're out the door.
A case study of Law Firm cyber insurance case
Our partner vendor received a call that a client had lost $200,000 in a social engineering incident. A hacker sent a spoofed email to their controller, impersonating the company's CFO, and the controller wired the funds to the bad actor. The company thought the funds were gone for good, but then they called Coalition. Upon receiving the call, our partner firm immediately began discussions with financial institutions and law enforcement. As a result of these urgency and relationships, $150,000 of the $200,000 was recovered within 24 hours of receiving the call. The money was returned to the client, and they were able to get back to business quickly. Their insurance policy with Coalition covered the remainder of the lost funds. Our vendor's Security team also helped the company put two-factor authentication practices in place to ensure a second person signed off on all significant wire transfers. Unlike traditional insurance companies, our partner has the relationships and know-how to recover funds even after they're out the door. For many policyholders, we're able to recover all of the funds lost — helping our client avoid a claim entirely.
In today's world, a law firm needs the most comprehensive protection.
Funds transfer fraud losses arising from a security failure or social engineering.
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Restoration of digital assets, including sensitive client information
Costs to respond to a ransomware (extortion) incident
Fraudulent charges when a criminal actor exploits a cloud or telephony provider
Costs to replace computer systems and other technology damaged in a cyber attack
Property
damage and bodily harm coverage for IoT failures
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Consider our cybersecurity & insurance package to keep your business safe. The solution is considered the best in the industry for a company to handle cyber risk. We offer comprehensive insurance policy coverage, complimentary cybersecurity tools to keep track and safeguard your business, with 24/7 professional incident response to help you quickly react to a cyber incident.
As we found existing cyber insurance coverage lacking in some areas, so we work with the best provider to create one. Our insurance covers more of the financial, tangible, and intangible exposures your business faces than any other insurance company. We have state of the art cybersecurity platform that comes with 24/7 tracking, automated security alerts, staff training, and access to security experts to prevent cyber incidents before they occur. As for cyber insurance, we protect the value of your entire business, including financial, intangible and tangible damage, with up to 20 Million of the most comprehensive cyber insurance.
We provide a complete suite of security applications. The package will including 24/7 safety tracking, automated risk and intelligence alerts, security benchmarking, DDoS mitigation, Ransomware security defence, staff member training, software patch update reminders to your organization and more, all included with the insurance policy package at no additional cost.
Having an insurance policy is to prepare for the worst case scenario when you needed most. Our solution comes with a committed 24/7 emergency response and a claims group to help you to respond to an incident swiftly. Our emergency first response team has thousands of organizations relying on them.
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A small business owner policy (BOP) could consist of a couple of coverages pack. The adhering to are the eight most common insurance policy coverage types that an entrepreneur must recognize.
- This coverage protects if bodily injury, property damages, injury or advertising injury incur with your business.
- Have this coverage part of small business owner insurance to defence when business earnings and extra expenditure is at risk.
- Secure against a business when found responsible for an issue with one of the items they offer.
- If a business gives professional guidance or provides a professional opinion, it should probably carry professional liability insurance.
- Secure against Internet Crime, hackers or breach of data.
- Defence against tools or equipment breakdown. (It can be a furnace or machine) when it requires time and money for a replacement.
- Secure against your property or stocks
- Bundling a small business owner package (BOP) to with business use vehicle including transport of cargo.
Employment Practices Liability
Electronic Data and Equipment
Valuable Papers and Records
Job site Short-Term Pollution from Pollutants
Identity Theft
Blanket Insurance on valuable property
Limited Property of Others Liability
Always Review Your Insurance Coverage
Over time, businesses may have an increasing need for insurance coverage as their business grows. Always take time to review your insurance and fill in gaps as the situation changes.
As an insurance broker, we'll help small business owners to decide what is needed and the best fit for their insurance.
Cyber risk coverage
If you take online orders, store sensitive information on the computer, you need proper cybercrime protection. See this section about cyber insurance
